Some sources, you might want to move the heat away (ie, CPU), maybe these loads of pipes they have are the same. But yes, point taken, insulation first. Ockhams Razor: don't multiply entities beyond necessity.
On a High-End Desktop Chip? YES! Intel made such a cooler recently[1]. But on mobile/low power devices it might be worthwhile to have them run a little warmer (within spec) but take the heat energy back via a peltier element. Would be interesting to see such an element directly on die feeding back into the chip directly, sort of an electric rebreather for a chip.
It seems like the devices would insulate the server-farm. That might not be worth it, because you'd need extra cooling to offset the higher insulation.